Hi everyone,

I am new to this forum and have just registered my IBKR Pro account early this month.

I have funded my account by sending USD via Transferwise a few times without any problem but on my latest attempt I could not proceed because "Transferwise could not accept payments to this recipient".

When I emailed them for clarification, this is the answer that I received :


We do not support businesses or transactions which are involved in any of the following categories, such businesses or transactions may be declined. While this list is representative, it is not exhaustive, and we reserve our right to deny our services to any customers who exceed our risk tolerance.

Most likely, this comes under either 1.2.1 or 1.2.2, or 1.2.3 in our terms of use , which fall under
1.2 Unsupported businesses and transactions

Anyone encountered the same problem? Can this problem be solved without abandoning Transferwise to use other fintech companies?

Yes, I registered my account with TransferWise and just transferred USD to IBKR. Made online payment of MYR from my local bank to TransferWise's local OCBC account.

On IBKR side I just clicked on 'make a deposit', chose USD, clicked on 'bank wire', put 'Transferwise' as sending institution and specify the amount in USD. IBKR's recipient details came out in the next page and I used the details in my TransferWise page.
The only change I made is I only use the first 8digits of the account number given by IBKR as recipient account number.
The personal number Uxxxxxxx I put as reference so that IBKR can track.

Managed to transfer 5 times without any issues. IBKR received the money within hours and held it for 4 days before crediting to my IBKR account

TransferWise charges RM57.25 for every RM10K transferred in USD to IBKR.

I am told that this is cheaper than what local banks charge.

It would be a loss if future transfers can no longer be done via TransferWise

I registered directly with IBKR. I have been trading US & HK shares via local investment banks prior to this. When a former classmate introduced me to IBKR I decided to give it a try as the fees are very much lower